Prime Minister of India, Narendra Modi, addressed the inaugural session of the "Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference" in Delhi on Tuesday (July 30), organised by the Confederation of Indian Industry (CII).
During his speech, he highlighted that in 10 years, his government has tripled India's budget. "The last budget presented by the Manmohan Singh government in 2014 was Rs 16 lakh crore. Ten years later, the Union Budget 2024 presented by us a few days ago is Rs 48 lakh crore, which is three times," Modi stated.
PM Modi also emphasised the increase in capital expenditure. "In 2004, after the Vajpayee government, the UPA government came to power, and in their first budget, the capital expenditure was around Rs 90,000 crore. After ruling for ten years, the UPA government increased the capex to Rs 2 lakh crore. But now, under the BJP-led NDA government, the capex is more than Rs 11 lakh crore," he said.
He also added that from 2004 to 2014, the UPA government increased capex by 2 times, whereas under his government, it has increased by 5 times.
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The Prime Minister further added that the country is focusing on every sector of the economy. "Comparing the previous UPA government to our government, the railway budget has increased by 8 times, the highway budget by 8 times, the agriculture budget by more than 4 times, and the defence budget by more than 2 times. Our government has also made record tax cuts," he said.
"In 2014, MSMEs earning Rs 1 crore had to pay presumptive tax, but now MSMEs earning Rs 3 crore can also benefit from this provision. In 2014, MSMEs earning Rs 50 crore had to pay 30 per cent tax, but now this rate has been reduced to 22 per cent," PM Modi added.
"In 2014, companies had to pay 30 per cent corporate tax, but now companies earning Rs 400 crore have a tax rate of 25 per cent. It is not just about the increase or decrease in budget allocation; it is about good governance," he added.
PM Modi also added that while most economies worldwide are dealing with low growth and high inflation, but our country, India is experiencing high economic growth and low inflation.
